All Forum Posts by: Andrew Fusco
Andrew Fusco has started 4 posts and replied 9 times.
Post: Finding and purchasing pre-foreclosure
- New to Real Estate
- Suburbs of Chicago
- Posts 9
- Votes 2
Hello all, I am currently trying to learn how to find and purchase pre-foreclosure or just foreclosures in general. I signed up for a membership with foreclosure.com and have found a couple properties. I would like to reach out to the current owners but do not know how to get this information. I tried looking up on the county website but did not have any luck. If there are any methods you guys have on finding these properties and getting ahold of the property owner I would love to hear them. Thanks in advance!
Post: Possible Business loan
- New to Real Estate
- Suburbs of Chicago
- Posts 9
- Votes 2
Quote from @Tom S.:
@Andrew Fusco I wouldn't recommend that route for a downpayment. Even if you could get a business card credit with a $40k limit and 0% interest for a year, you'll need a way to pull that money off the card, which will incur fees. Then after 1 year it's likely the rate will go to 20% +. Unless you have a solid plan in place to sell or refi the property within a year.
A HELOC on your existing rental would prob still be the best bet, and you may just have to keep calling around. Good luck!
Post: Possible Business loan
- New to Real Estate
- Suburbs of Chicago
- Posts 9
- Votes 2
Quote from @Andrew Fusco:
Quote from @Tom S.:
@Andrew Fusco There are quite a few negative reviews on this site if you search.
My understanding is that they're just applying for business credit cards for you, and charging you $3500 to do so. That's why the range of the loan amount varies and the timing varies, it just depends on your credit and how many cards they can get for you.
Follow up question, would you suggest I try to get a business credit card on my own so I can get a down payment, I need around $40,000
Post: Possible Business loan
- New to Real Estate
- Suburbs of Chicago
- Posts 9
- Votes 2
Quote from @Tom S.:
@Andrew Fusco There are quite a few negative reviews on this site if you search.
My understanding is that they're just applying for business credit cards for you, and charging you $3500 to do so. That's why the range of the loan amount varies and the timing varies, it just depends on your credit and how many cards they can get for you.
Post: Possible Business loan
- New to Real Estate
- Suburbs of Chicago
- Posts 9
- Votes 2
Quote from @Nicholas L.:
that's a brutal annual fee
have you tried to get a HELOC
Post: Possible Business loan
- New to Real Estate
- Suburbs of Chicago
- Posts 9
- Votes 2
Hello all, I am trying to avoid refinancing a rental property because my interest rate on it is 3.2%. I just discovered a business loan through fund&grow that offers a zero percent interest rate for 12-16 months. You pay an annual fee of $3500, they do a soft credit check, then they give you a loan in monthly increments. Typical first batch of the loan comes within 3 weeks and it is approximately $30,000-100,000, the next batch comes 4 months after and so on and so forth. My question is: has anyone used this, And if they have how was your experience? Thanks in advance!
Post: Different options other than refinance
- New to Real Estate
- Suburbs of Chicago
- Posts 9
- Votes 2
Hello everyone, I have one rental unit that currently has a 3.2% interest rate. It has about $100,000 in equity that I would like to access Is there any way to do that without refinancing so I can avoid changing my interest rate? Thanks in advance for any answers!
Post: Should I Take out a 2nd mortgage or is there another option?
- New to Real Estate
- Suburbs of Chicago
- Posts 9
- Votes 2
Post: Should I Take out a 2nd mortgage or is there another option?
- New to Real Estate
- Suburbs of Chicago
- Posts 9
- Votes 2
Hello all! My wife and I bought a house 10 months ago and renovated it. We purchased this property for $212,000, put in some sweat equity, and invested approximately $20,000. We are estimating the ARV will be around $300,000. When we purchased this property we used a conventional loan and used it under my name. The question is, do we take a 2nd mortgage under her name or do we refinance our current house and use that money for our second property?
Adding onto that last question. In your guys opinion, are we better off purchasing a single-family home on this second rental property, or are we better of using the house hacking strategy and purchasing a multi-family?
Thank you guys, looking forward to hearing from you!